Tata Technologies, which provides engineering and product development digital services, has said its initial public offering (IPO) will open for public subscription on November 22.
The company, a unit of Tata Motors, filed the RHP (red herring prospectus) on November 13, 2023 with the Registrar of Companies, Maharashtra, Tata Motors said in a regulatory filing on Monday.
The IPO would comprise up to 60,850,278 shares for cash entailing 15% of paid-up equity share capital of Tata Technologies, it added.
As part of the process, Tata Motors will offload 11.4% stake, private equity firm Alpha TC Holdings will sell a 2.4% stake, and Tata Capital Growth Fund I will do away with 1.2% of shareholding.
The IPO will open for public subscription on November 22 and close on November 24, 2023, Tata Motors said.
Last month, Tata Motors had stated that it has inked a pact to sell a 9.9% stake in Tata Technologies to TPG Rise Climate for ₹1,613.7 crore.
Shares of Tata Motors ended almost flat at ₹653.10 apiece on the BSE on Monday.